SoLo Funds
Reviews and Complaints

You can see in my screenshots that with solofunds new criteria, they are hoping people pay late so that they get their initial up front fee and then they also get more than the tip back which puts the lender in the hole. These transactions were only a day or two late. There's no reason why I should lose money as the lender for this amount of time. I'm fine with solofunds taking the tip money but we as the lender should at least break even for the transaction, especially with how many people are late paying back. If it goes past the 35 days and they want to charge the 30% that's fine too but taking another huge fee the moment they are one day late is ridiculous.

This app and platform charge way too much to the borrower and take advantage of the lender. It serves as a money printer for the developer while exploiting everyone else on the platform. The reporting of loans and fees is inaccurate, failing to reflect the true amount invested, earned, and lost. For example, my dashboard indicates a 5.2% profit, but in reality, I've lost more than 7% due to unpaid loans and Solo Funds' recovery fees. Despite the app offering lender protection, Solo Funds is the only beneficiary of the insurance. Loans repaid one day late result in the lender only receiving the insurance claim, while Solo Funds keeps the surplus. Additionally, the effectiveness of their recovery efforts raises doubts, especially for loans without insurance. It's concerning that Apple permits such a business in the App Store. Consider exploring a more ethical platform for both borrowers and lenders.

Do not lend with this company! I funded a total of 27 loans where 3 are over 200 overdue. I check the app every so often to see if there has been any changes. So when I looked the other day I noticed that one of the loans has a 100 recovery fee attached. In addition, solo says that this fee is only attached once the loan is recovered. Well the fee was added just a few days after being overdue and I never received the payment. I would like to know where that money is and why I was never paid? In addition, that would mean that soli held on to my funds for over 200 days. Do I get interest on that money?

As a lender on SoLo, I have been very pleased with the speed at which the app allows me to evaluate the borrower's requested loans. The borrowers seem to be hard working people who need $50-$500 for a couple of weeks to make ends meet. Since I have a few hundred dollars in my account, I like helping others 2-3 loans at a time, and then recycling that money once or twice per month. Since checking account interest rates are between 0.00% and 0.07% per year, it feels better to make a couple whole dollars every few weeks through SoLo. It also feels good to know I am getting cash quickly into the hands of people who need it!

If it could give zero stars I would. I have a good amount of money "invested" here and
1500 of that is not being paid pack. FOR OVER A MONTH. I went into the app optimistic looking for a passive *** thing bad for some of the loans it has worked. But when you don't get your principal back for that much money. You are screwed and they say it's a problem with the debit card but I call BS it doesn't take over a month to pay back the small loans I gave out. The company won't respond to tickets I have made in regards to this problem. This is going to result in legal action should they continue to be inconsiderate of the lenders who make the app function.

I've lent out 67 loans with this company. I have come to realize this isn't a company to make profits for an honest lender. Nor is it a company that cares about helping people who seek a loan for financial assistance. They charge you a solo donation, however when the loan isn't repaid, they keep the donation still. The donation should be repaid back even if the loan isn't. The donation isn't going to the borrower, so why would it not be repaid back regardless. This company uses verbiage, and financial loop holes to make money rather it benefits the borrower, or lender. Do not invest your money with this company. They are not practicing proper or ethical business tactics. The way they conduct business, they *** not last in the long run. Trust me!

I have borrowed 6 times off this app and have paid on time or EARLY for every single one. I have a high credit on the app and have never defaulted or sent to collections. I went to pay my last loan off early and there was no button that I could press to pay, so I waited until the next day when it was due so it would just be taken out of my account. I waited the entire day and nothing came out of my account. I submitted a ticket to make sure I wouldn't be charged a late fee because THEIR app wouldn't allow me to pay the lender back. I've sent them several screen shots and was told it would be taken out manually and still nothing. Now my loan is saying 1 day late. I just want to pay my lender back. I work at a law office and will taking legal action because this is fraud.

SoLo has been great getting me set up and using the app. My ONLY complaint is it takes to long to get a tech to resolve an issue. I have emailed several times with only an automated response that my mail was received. On the SoLo site, I have tried to chat with an agent but I keep getting no agent available. I just need to request an emergency loan due to my wife's cancer issues. If I could get this resolved today, it would be a blessing. As stated, other than this issue, I have ZERO issues with SoLo and this issue is just to get my password *** due to a change. I issues at a with loans received or being paid back. . My bank verified SoLo has access but the site stated otherwise. So I am sure it is something that can get an easy fix. Or maybe it's just that you need more techs to resolve small issues more quickly. Thank you very much!

When I first tried solofunds, I was so pleased with the outcome. I was happy to know there was an app for people who sometimes need a helping hand. With that being said, their customer service is deplorable. I emailed them inquiring about my financial institution and Plaid. Someone finally emailed me back and asked for screenshots so I logged back into my account only to realize I had a pending pay back that I paid back on 14 September. Out of nowhere this pending payback populates back into my account. I've sent 5 emails trying to resolve the issue. Emails with screenshots of the deduction from my checking account. I have YET to hear back. Absolutely deplorable. Oh, and mind you, you can now only open the app with iOS 16 or higher. Well? I am. Still can't log in and they want to email the SAME email address FOR "HELP." ARE YOU KIDDING ME!?

I have taken five or six loans with this company and if you are in a bind, it was a saving grace. However, their customer service is abhorrent. Before I even sent an email, which by the way is the only way to reach them, there is a warning that they are being overwhelmed with emails and they will do their best to get back to you. I paid off my loan, early as always, but when I tried to reapply I get a notice that I am all of a sudden blocked. Again, I always pay early, I always tip well and I have tried to speak with customer service to find out why this is happening and how I can resolve this to no avail. I received one email from them requesting some information, which I immediately sent but I have yet to hear back from them. After having been in good standing with this company I found this to be disappointing. However, when dealing with people's money, it would be a lot more convenient to have a live person you can contact.

This app has really been a pain in the but... I have honestly paid my loans off religiously, I had my score I believe at a 90 ... I had been working towards getting the max pay out but at the same time paying every lender the max amount you could tip them and even did the same for donations ... I never once took from them at all now I paid them back my last loan of 480... And depended on getting another loan which should of been np issue seeing how it was they took the money out my account ... But then shut the door on me in the end of deal... And now when. I request a loan it says my account was blocked... So I contacted solo funds and got a email back days later guess when the decided to work again... Shows you customer service is. Joke... It's not right i got blocked when I have been following all the rules they have applied and at the same time supported there app generously. Please help in get my account restored my family needs tbis and that sad I depended on a app but they kinda had me sold with the adquate service they where offering .

I have borrowed and repaid multiple loans and yesterday a loan was due. MONEY was available for withdraw yet they did not take it. I contacted them upon receiving an email and after going back and forth ALL day and stipulating that I had zero problem paying the loan that I was not paying a late fee when I was not the one late, they were. I also stated I wanted to make sure I did not get dinged for paying a day late when in fact I wasn't late, they never tried to withdraw the payment. I get alerts if something doesn't go through as well as if it does. NO ALERTS. NO EFFORT made by SoLo. THEN to make it worse, they went in and took their $50 anyway. I have now contacted my bank and will be charging this back and cancelling the card they have. I guess I will have to find a way to mail a check or something as I don't want the lender to be out but this is Absurd! I guess if they plead ignorance with multiple people a day that is a nice profit for them STEALING peoples money! I have no complaints paying the loan, I do have complaints GIVING away $50 extra for no good reason! SoLo sucks - please read all the reviews, apparently I am not the only one that thinks so. So disappointing.

I am a lender on SoloFunds. While lending they will routinely note a "Pending Funding" message on loans every once in a while, at which point they just hold on to whatever amount I lent. When I reach out about this, they say that it is an issue that needs to be escalated to the engineering team. They have provided absolutely no explanation for this, and it appears to be nothing beyond them simply holding onto my funds, including any potential interest earned and then refunding me the principal seemingly whenever they feel like it. For this current instance, I have not received my funds back at all, which are in excess of $500. It is truly mind blowing that they think this is appropriate and have not offered an explanation or simply provided my money back to me after over two weeks. The way they conduct business is extremely shady, and I would not be surprised at all to find that they are intentionally doing this, or misleading lenders and borrowers in order to maximize their own profits. There needs to be some serious modifications made to the business to address their lack of transparency, and poor customer service. They are simply careless with money that flows through the app. I notice that others here have had the exact same issue. Their "pending funding" messaging seems to be a method to profit and should absolutely be investigated.

Their customer service is actually the worst I have ever dealt with. It's saying I still owe money on a loan that I never got paid for. There was an issue with me receiving the money so I contact them and they tell me their "engineer" team is working on it and will let me know when the issue has been resolved. It's been two weeks. The loan is due tomorrow and I still have never been paid the money from the loan and their imaginary "engineer" team hasn't resolved anything. I sent a follow up email after a week of nothing being resolved and all they told me was this fake "engineer" team is still working on the issue. Two weeks to simply remove a loan that was never paid? And they still haven't completed it. I tried to emphasize that it was for an emergency and they don't care. If you read the reviews on the App Store you will see that this "engineer" team doesn't exist as I am not the only person with this issue. It's their standard response to any problems you have with the app and none of your problems will ever get resolved. If you care about timelines and security DO NOT use this app. They are horrible. Even after leaving a review on the App Store where I mentioned that I already contacted customer support TWICE they sent the same standard response to submit a ticket so that their team can resolve the issue. I submitted TWO tickets and nothing was ever done. Literally useless.

I have "invested" over $10,000 to provide loans over the last month. My first round of loans has come due and I have received repayment for only 4 of the first 15 loans I funded! 11 loans are overdue and the repayment has just started. That's a 26% repayment rate.

This is scary. I paid attention to my borrower's scores and initially funded low scoring borrowers so I hope this gets better.

SoLo advertises a "buyer protection" program but the benefit is really theirs. They don't offer buyer protection to low scoring borrowers. Only borrowers with a score of 50 or above qualify for lender protection thus removing a majority of SoLo's risk and increasing profit as those borrowers are more likely to repay and solo keeps the lender protection fee charged to the investor.

I've asked why I keep getting emails saying there is a problem with the borrower's bank account information (the email I've been sent for all 11 overdue borrowers so far), and have gotten no response. Why can the borrower get funded through this account and a lender can't get repaid? Maybe time to start guaranteeing funds using a second method of payment?

No one has returned my email asking these questions. AND THE CHAT?! Ha! I've never reached anyone. I've just been put on hold for 5 minutes each time and told to submit a ticket when no one responds to my chat. I don't even think they really have a chat.

Just a few things in the first month that aggravate the *** out of me. So far I've lost money on this platform. If things continue like this I'll lose over $7500 in less than a month. Not a wise move on my part I guess.

Below are the ways one can lose money.
- 'Solo funds' charges a fee called 'solo donation' which is 7-8% of the lent amount. The loan typically lasts 14-15days only. If the borrower defaults, the company will keep the donation to themselves. Thus making a lender lose 100% of the money+ 8% of the donation to the company. They claim to refund it if the borrower pays the loan back. It does not make any sense as they will repay donations back to the lender only if the borrower pays back. This is a catch to earn money for them from defaulters.
- There is a fine print saying 20% fee will be charged out of the principal amount if 'solo funds' is successful in making borrowers pay money after loan agreement and within 30days. There is a 30% charge if their collection agency collects money after 30days of delinquency. All of this process is not transparent.
- 'Solo funds' offers something called solo insurance which protects our principal for 5% charge. Lets say I lent 1000$+80$(Donation)+$50(insurance). If borrower defaults, lender will get 1000$ back as a credit in the website which can be used to lend to others again. That money in not withdrawable. There is no clear documentation about this process anywhere in their website. This is a catch as they keep the donation to themselves here again. Technically a lender loses 8%+5% and only gets credits for his principal.

I believe this company is not transparent and doing fraudulent transactions and stealing from users with smaller amounts ranging from XX-XXXX$ in 1000s of transactions from regular users like me. They also actively advertise their app in social media like facebook, instagram etc.

My experience with this company has not been good from a financial standpoint. When I have sent emails with issues or questions, I did usually get a response in a reasonable timeframe (and sometimes the response even answered the actual question I asked, but not always...). Here is my lending story: I loaned out a total of $3,000 over the course of a month, and used the SoLo protection feature on most. 7 out of 25 loans (28%) did not pay back on time... Here is the fun part: when you use the "protection" feature - you don't get your $ back directly, you get a credit and have to re-loan out the funds to try to make yourself whole. In all of these cases, you lose the the "SoLo donation" (which you have no control over) and the "protection fee". And THEN, if the borrower pays back at any time, even as early as THE NEXT DAY (so only 1 day late), SoLo keeps all the $ including: 1) the SoLo 'donation', 2) the full lender tip, 3) the late fees, PLUS 4) the original $ the lender paid to SoLo for the protection in the first place. Basically, the math shows that SoLo is actually better-off (makes significantly more $) from loans paid late where the lender has paid for protection. And because of this, there is a level of trust that lenders need to have --- to truly believe that the loans weren't paid back on the specific due date. I've contacted SoLo via email and provided honest constructive feedback, but to really get their attention, the lenders need to disappear... There needs to be a better $ sharing arrangement when loans are paid back within 2 weeks of the original due date. The 'collections' process in those first couple of weeks is certainly automated. Needless to say, I'm cancelling my account as there is no way to have any meaningful ROI especially when considering the time you will spend.

STAY AWAY ! If your looking to invest some money and want to make a small profit this is not the place.. So I stumbled upon this site hoping to help people pay some bills and also make a few bucks .. Well bad idea really bad .. I believe it's a complete scam.. I loaned 120$ started small and with 15 days I recieved a payment back from the borrower which made me believe wow this works.. I made 15$ for 15 days just loaning money I thought not a bad return .. but wait so I got alittle to excited and started making some more loans some 250$ return was 20$ on average then I found couple people with very high scores and showed them to have already paid back 10- some 12 some 15 loans and on time so I thought wow ok no brainer right.. WRONG ALL TOGETHER I LOANED OUT little less than 5,000 and was suppose to get back a profit of around 450$ .. in 15 days .. nope each loan the deadline was getting closer and my 3rd loan on day 15 it showed no payback then late days went by now I'm at 6 days and I'm out 250$ .. well it gets better then my 4th loan for 350$ is due and again no payback now I'm out 600$ and it just kept going .. i reached out explained situation and there customer service is a complete waste of time the girl I spoke to sounded like she was trying to record me and set the conversation up so they looked as if they followed all the guidelines in which they didn't .. I was promised a call back next day and never recieved anything .. as of now my account is blocked I can't get any of my money back and my bank is trying to help me but not sure what they can do .. I truly believe these people whom they say need to borrow the money are made up names with all different amount as if there real people although I think it's a complete scam to get your money, there is no guarantee that you will be paid back but there is a credit score system which gos off of loans paid back and timely payments .. people with a score of 40-50 or even 60 are average but not likely to pay u back so u need to try and get people with a score of like 80 or higher and have had more than 10 loans paid back .. But this is there scam to get u to believe and trust them .. beware ! Also they make money on every loan that I lend out with money they get aprox let's say 20$ on a 250 loan and it's called a donation in which the lender pays immediately and the borrower pays back the lender when they pay back there loan in 15 days .. but guess what it's a donation they avoid the taxes and we get paid in a tip for lending our money out which is taxable .. see no matter what they make out and the person taking all the risk gets screwed ... it's 100% a scam beware it's sad I had a savings of 6k and was trying to make a little extra and gave it a shot and lost all of 5k in the matter of less than 3 weeks ..very sad that they allow scam artist like this to set up fake apps ... PLEASE JUST BECAREFUL... Don't believe it if it looks to good to be true these people are sharks that pray on stealing people's hard earned money because there lazy!

I have already completed two loans with this company.I accepted a new loan offer on Tuesday. I STILL have not received any funds but the app is showing the loan to be aging at normal pace and coming due. I've submitted tickets to customer service. This has generated responses that claim they are aware of the issue with the lender and "my case has been escalated". It's been "escalated" about eight freaking times with NO resolution. Some guy named *** is the lender but of course, I cannot contact him. At this point, the stress causing the loan request is nothing compared to my account being debited for money I've not received. It went so great the first two times but now, according to their emails, they have high volume and I don't think they are helping anyone. They're very aware of this issue. They've received the screenshots. They just seem to be refusing to help at this point. I've not seen a company so disorganized & ignoring customers since I had cable.

I requested a loan through this site. An individual offered to fund my loan and I accepted the terms. However, I am going on 2 days without the loan proceeds being deposited to my account. The lender who offered me the loan has not funded the loan. I have reached out multiple times to the company's customer service and they do not respond to my inquiries. They offer no option to cancel the loan so I can submit a new request for a lender who will actually fund the loan. I am still expected to pay back the loan according to the terms even though I have not received the funds. I needed these funds for an emergency expense and I am left in a bad situation and there is nothing I can do about it because their customer service does not respond to my inquiries. This site should be shut down for making false claims about loan funding times. They claim that most loans fund in less than thirty minutes but I am still waiting for my funds or for an option to cancel my loan request.

I requested a loan through this site. An individual offered to fund my loan and I accepted the terms. However, I am going on 2 weeks without the loan proceeds being deposited to my account. The lender who offered me the loan has not funded the loan. I have reached out multiple times to the company's customer service and they do not respond to my inquiries. They offer no option to cancel the loan so I can submit a new request for a lender who will actually fund the loan. I am still expected to pay back the loan according to the terms even though I have not received the funds. I needed these funds for an emergency expense and I am left in a bad situation and there is nothing I can do about it because their customer service does not respond to my inquiries. This site should be shut down for making false claims about loan funding times. They claim that most loans fund in less than thirty minutes but I am still waiting for my funds or for an option to cancel my loan request.

I've been lending on SoloFunds for around 7 months now. The only reason I continue is to attempt to recoup my losses, but conveniently, each final loan I engage in ends up going into collections, regardless of what score the borrower has. I am beyond sure that this company is engaging in fraudulent activity. They have absolutely no transparency into the lending/borrowing process, and just require both parties to rely on their honesty. All of my dealings with them have been incredibly sketchy and the way that they communicate when dealing with large amounts of people's money is completely unacceptable. Not to mention, they've seemingly paid for hundreds of fake reviews on the apple store to cover up the numerous complaints from consumers. Just reading through these comments on Complaintsboard.com makes it clear that borrowers struggle to repay due to glitches on SoloFunds' end, and there's no indication that they communicate these issues to lenders--they just send loans to collections to collect fees

This is about the company mentioned, Solo Funds, Inc, not fulfilling their obligation to enforce a contract signed by a borrower. I lent money to a borrower, who was two days late on repayment, and the company mentioned above is refusing to acknowledge the contract signed by me and the borrower. The borrower ended up paying the money back, but before they did i received a credit because i chose to have lender protection with the assumption that i could have access to my money. This company was not clearer on how the credit works other than its a credit towards another loan. Well I did not want to lend money through this company again, yet they refused to give me my full refund back. They also will not enforce the contract, which legally voids all policy made by their company, that I and the borrower signed in which the borrower agreed to pay the loan back in full. I believe i was ripped off from both Solo Funds, Inc and the borrower. I also believe there may be a case of fraudulent activity going on with this company.

Upon using SoLo Funds, INC, which is a money borrowing service, once a lender choses to help you out they start a countdown to pay them back. Since *** they have profusely been ignoring customers and blaming the lender on not "disbursing" money. When in fact, it was SoLo Funds, INC starting countdowns of a payback transaction that was never even disbursed. When several attempts were made to contact them upon this very issue, they refused service as if the whole week was a holiday. I just received an email from them claiming my response to the situation of them ignoring customers for 6 days was a threat, because I told them I would report them for false services and lying on a money transaction. They chose to indefinitely delete my account instead of having someone reply to customers on a daily basis. This is absurd behavior from a business completely. The fact they rather "delete" the customer instead of helping or answering questions about their scams screams they should not be running anything.

I used their app to provide lending for 4 different individuals. All 4 failed to repay. I provided 4 separate $100 loans to different individuals. All 4 have failed to pay. If they ever do repay my money I will have lost 15.3% of my money while SoLo will have earned a 39.4% return on my money. If the lendee wants they can choose to donate to SoLo which I had to pay upfront, then when the loan goes over due SoLo charges a 10% late fee but keeps half of it then after 8 days of being overdue they charge a 30% recovery fee. They provide no information on the status other than saying they contacted the lendee. They have a massive incentive to have lendee who they know cannot repay on time on their site so they can collect the donation, late fee and recovery fee. They are defrauding lenders by not conducting a thorough underwriting process. The underwriting process must be a joke if all 4 of the loans I provided couldnt repay their $100 loans. They have a duty to the lendees but also to the lenders and they are failing at that.

Was a lender on the app. First time I lent out to a person the person was a high rated borrower and did not pay me back. This company is a SCAM! I wanted to help people out so I decided to do PP lending. The company said not to worry about high rated borrowers so I borrowed to one of the companies top rated borrowers who had a score of *** out of *** Right away when I asked the company where my money was and why I wasn't repaid they started to lie to me. They said I would get it the next day because the borrower was having trouble with the app and repaying the loan. Now they are saying the complete opposite and that I have to pay a *** collection fee to them in order to get my money back. This company is a joke and a scam. All I wanted to do was help someone in need to get a loan and now I am the one being ripped off by this company. Please do something and shut this company down it is a Scam and if you look at all of the reviews people are losing money like crazy from the same situation I am in. Now I can't pay my bills and this company is getting away with stealing money from hardworking people.

The company has shady business practices for lenders - they repeatedly have lied to me, failed to update me and have hidden info to defraud others. I had done multiple loans with this company and last November, something weird started happening where my loans weren't being paid back and I was not getting regular updates from the Company. They claim that they will go after borrowers that default on their loans but have not provided any substantial updates to me in the last 6 months with the details of their efforts on the 6 different loans that are still outstanding. They say that they are screening borrowers but this is untrue. The lack of customer service (emails take 2-4 weeks to ever get a solid answer) makes me think this company is scamming borrowers. It is impossible to get an update, they have flat out lied to me about their collections efforts and I'm sick of having no recourse. Also, they have had issues with several people I have lent money to and have adjusted their profiles to hide the fact that they paid back late. They now don't even show this transparently. This company needs to be shutdown so more people like myself do not get taken advantage of.

Loan Repayment Issue. I funded a loan to a customer for the amount of *** dls. The customer offered a *** tip upon repaying the loan. He failed to pay me back on time so he was charged a *** fee which is payable to me. The amount I was due to receive back from the customer was *** however solo funds only gave me back *** stating they assessed another fee to recover the funds from the customer and they deducted *** When I emailed solo funds to complaint they said it was an error and the *** dollars charge should have never been done since the customer paid back before being sent to collections, I find solo funds practices very catchy, its very unacceptable what they are doing, after a few emails they are refusing to adjust and give me the remaining *** I kept the email where it clearly states I was due to receive back *** and not just *** I want solo funds to adjust this and give me my money back, I feel they are stealing from me by blaming the customer for something he didn't do in the first place. I don't agree the customer was sent to collections when he repaid the loan prior being sent there. I will be more than happy to provide the email that solo funds sent me as proof this is an error on their end and they need to get it together.

Around a specific date, my SoloFunds app malfunctioned, and I could no longer access my account. It redirected me to the Borrower/Lender choice screen as if I were a new user. Attempting to input my phone number, the app deemed it invalid, likely because it's linked to my existing account, preventing further progress. I have a significant amount in SoloFund Loan Protection credits locked in my account, inaccessible due to the app's failure to recognize my user status, with no login option available. After contacting Customer Support on December 15, they only sent template responses requesting screenshots or account numbers, which I can't provide without app access. Despite clarifying this, they claimed to close my case on December 17 due to lack of communication, which is inaccurate. It seems they're either evading their duties or their system fails to acknowledge messages. My attempts to reach out have been ignored, prompting me to report this to Complaintsboard.com for urgent resolution. I need a way to regain access to my account and its substantial credit balance. The exact sum is unknown since I can't log in. If unresolved by year's end, I may consider this theft.

Started my account on a new platform. Haven't even done anything yet and it states I've been blocked. So earlier this year, I joined this app because my boyfriend recommended it, and I was eager to start using it. Setting up took some time as I had to switch banks for a Visa card since my MasterCard wasn't accepted. Today, after opening a new bank account for this app, I attempted to make my first transaction. However, I was immediately notified that I've been blocked. I'm puzzled because I haven't accessed the app since my unsuccessful attempt with the MasterCard. Could that be the reason for the block? Moreover, when I tried to log in on the website, it rejected my credentials and denied the existence of my account, despite having the app installed and linked to my Gmail. This situation is frustrating and disappointing, especially since I was looking forward to participating in the lending feature of the app. I've invested time setting up a new bank account, only to find out I'm inexplicably blocked. I'm requesting assistance to resolve this issue and unblock my account, as I'm confident I haven't violated any terms of service. I hope this is an error that can be swiftly corrected so I can begin using the app as intended.

first issue is after one loan, which was paid back early, I requested another loan, and I got a screen stating I had to wait for verification. I had already been verified to get my first loan. after trying the instant chat with c.s. and getting no response, I emailed them. it took a couple of days but finally got a response with them asking for a screenshot and whatnot. I provided the info requested and was assured it would be resolved. wrong. after this I was greeted with make sure you have money in the account I have linked. it had money, has money,and I still get the screen. after so many emails I gave up. still no reply about that. ffw a few weeks and I decide I'll loan someone else a few bucks. somehow I was fine to lend money...yeah they'll take your money no problem. ffw to today and the borrower is 2 days overdue. solo claims they try and get the money from the borrower. what if the borrower unlinks their account or deletes it? I was counting on that money and now I can't buy groceries. my theory is that the borrower has actually paid the money (if there really is a borrower) and solo is keeping the money to milk both parties for Kate fees and recovery fees on my end. yes I lent money to someone with a lower score, but it's all I can afford. I can lend *** to someone with a higher score. I just wanted to help someone. my gut tells me this service is a total scam, and I'll never see my money again. I posted a pretty nasty review on Google and they can cry all they want. they assume the position of a broker when they hook up lenders and borrowers. if someone's payment method is t up to snuff deny them an account. don't allow people to loan them money. I don't know the status of their bank account. I can't contact these people that's your job. your job to protect both parties in a transaction. I want my money or the borrowers info so I can sue them. if not I'll sue solofunds. this is a crooked scam and I will get my money back promise.

I fully expect all loans to be paid back or else I will be pursuing legal action against SoLo Funds. There is no reason this should say "if the loan is repaid", the job of debt collectors is to ensure that it is paid back. I don't have any tolerance for "if". There is no "if". Multiple technical issues on this platform are well known by now, including failure to process payments from borrowers, causing their repayments to be late or even not repaid at all and causing harm to the borrower's credit score. Despite the wide amount of attention drawn to these various issues by the public, SoLo Funds still has not made any noticeable effort to fix them. This is evidenced by the fact that 6 of the loans I initially funded earlier this month were all canceled even after the borrowers accepted them, the reason being (according to the team member that responded to my ticket) that there "was an issue with the borrower's bank information", which in itself sounds very suspicious. Why is it possible for borrowers to submit unreliable banking information to this platform in the first place? This is all well documented on SoLo's Complaintsboard.com page as well as in reviews on the App Store. There is software, such as Plaid, that allows users to log in to their banks and confirm their accounts and has been in use on other platforms for years. If the platform itself is not fit for lending or borrowing, then any other factors, including any terms and conditions, are a moot point. So as far as I'm concerned, these loan defaults are in fact the fault of SoLo Funds until otherwise proven, which again I believe warrant legal action against your company. However, I would be content settling outside of court if all of my initial capital were to be refunded back to my original payment method. Solo Funds has also been known to frivolously spend money in ways that could've been used to repay lenders instead. They need to fix their platform and priorities out before it all comes crashing down.

I requested a loan from Solo and one of its Lenders accepted and funded. I never received the funds, however, the due date countdown began the day I accepted loan. It has been over a week and I've attempted to contact the company through email numerous times. After submitting several tickets with no response, I was finally contacted via email and was informed that I wouldn't be responsible for payment and that there was a " problem " with the lender's account. They stated they would escalate the issue to their "engineering " department to be fixed shortly. I attempted several more times over the course of the past nine days to obtain an update, as the loan was still showing active on my account. I received one last response basically telling me not to submit any more tickets as it would delay the fix and that will escalate issue to engineering department. These are all generic responses to a very common problem. If you are a lender, this company will tell you there is a problem with borrower account. If you are a borrower they will tell you it's the lender. Having read so many identical complaints my theory is that I won't receive a fix( which is a cancellation of the loan request) until it is past the due date, which will then be marked as past due on a loan never received. My thought is that the lender isn't aware of any issue and his funds meant to be forwarded to my account is indeed in the hands of Solo. Solo will then tell the lender after due date and no payback that there is a problem with borrower payment. Customer service is virtually non existent, chat option never works, I've had technical errors on two other occasions as well. They will always excuse the delay of assistance by stating " a large" influx of customer ticket submissions. At some point over the next week to a month, Solo will respond to this complaint stating they fixed the problem... they were just " a bit" back logged. I can't help but see a pattern of issues leading to possible fraudulence

Solo Fund is very one-side, favoring borrowers! If you're a lender stay way! Their terms are also very predatory! If you're going in with the intent this is an investment vehicle you're sadly mistaken. Their is absolutely no safeguards for lenders in any way! Their vetting process is nonexistent and there're creates a lot of risk for lenders! You're not investing, you're gambling! If you loan to an individual who doesn't care for their credit score this app is essentially free money to them. That's not the worst issue though! With any investment theirs inherent risk, I get that! It's this issue that bothered me the most! The first loan I funded has not been paid back yet and its been 10days overdue. Since the Loan has been due past 8 days I now have to pay Solo Fund 30% of the principal loan that I funded ! So because of the lender being late on repayment Solo Fund is punishing the lender who funds their business! I not only lose my profit from the "tip" I also am losing money on my principal loan! For a $110 loan I funded I will lose 17$ while Solo Fund will gain 33$ ! I'm the one who took the risk and I still lose even when the loan is recovered how is that fair?! I read their entire terms before I joined the app and didn't see anywhere where it specified these terms! This is instead what it says: "Debt Collection. For a period of 90 days, SoLo will proactively attempt to collect payment on defaulted loans prior to loans being placed with an external collections agency. Upon successful collections, Lender agrees to pay SoLo a recovery fee . In the event SoLo is unable to collect, Lenders will have the option of entering into a third-party debt collector relationship managed by SoLo, for such services. A commission fee of 30% of the total amount recovered is retained by the collections partner." They're purposefully omitting the amount the lender will have to pay in recovery fee and never states after 8 days a loan is overdue the lenders repayment would be assessed a 30% recovery fee! They do state their EXTERNAL collection agency they partner with collects a 30% fee, but no insight on their own internal collections process and recovery fees. SUPER PREDATORY AND UNETHICAL! If anyone is willing to file a class action I would be down!